公司价值评估两种方法的比较

今天，资本市场股票的日成交量数以亿计。每个参与股票交易的投资者，心中都有相同的疑问：“股票交易价格公允吗?”要想计量股票公允价值，首先应该确定公司价值，于是人们先后提出了股利折现模型(DDM)，现金流折现模型(DCFM)和剩余收益折现模型(REM)。实证研究表明，不论是对上市公司还是非上市公司估价，不论估价是为了收购还是为了一般的投资建议，估价使用最主要的数据是现金流和公司收益。     

中国上市公司股权收购动因研究:构建内部资本市场抑或滥用自由现金流

本文检验了自由现金流假说和内部资本市场假说对中国上市公司收购动因的解释能力。分析结果显示:收购发起公司在收购后的会计业绩和市场业绩变动均与收购前所持有的自由现金流显著负相关,而与公司的融资约束程度无关,结论支持了自由现金流假说。这意味着,目前中国上市公司实施的股权收购更多的是投资过度的表现。     

成长期高新技术企业价值评估方法评价与选择

从处于成长期的高新技术企业角度出发,分析了目前国内外其价值评估的研究现状及存在的问题,提出了符合成长期阶段特征的两种价值评估模型,即改进折现现金流模型及网络分析模型(ANP),并对模型的优点和不足进行了评价。其次利用熵值法对成长期的高新技术企业价值的影响因素以及指标对企业价值的作用大小做了分析。     

浅析民营上市公司股权结构与公司价值关系

股权结构决定着公司治理结构,从而影响公司的具体财务和经营政策,并最终影响到公司价值。金字塔股权结构在我国民营上市公司中非常普遍。文章从最终控制人的现金流权、控制权分析民营上市公司股权结构对公司价值的影响,并提出一些政策性建议。     

终极产权与公司价值——对中国上市公司激励与壁垒效应的实证检验

在终极产权的框架下,通过对2005年中国上市公司样本的研究,文章检验了公司大股东的激励效应与壁垒效应。实证结果表明,大股东现金流权与控制权的适当集中,一方面具有提高公司价值的作用,另一方面,随着控制权超过现金流权,二者发生偏离,公司的价值下降。对国有公司而言,其现金流权与控制权的偏离对价值并没有显著影响,但对家族公司而言,现金流权与控制权的偏离却与价值显著受相关,二者的偏离程度越大,公司的价值就越低。     

基于企业价值的现金流管理探析

企业在缺乏现金周转的情况下必然会有陷入破产的可能性,因此对于企业来说,现金流量是其发展的根源和命脉。虽然企业的运营是为了能获得更大的经济效益,但企业本身的价值是通过现金流量来表现的。现金流管理工作可以让企业的价值得到提升,并在稳定的运营和发展中创造更大的经济价值。文章从现金流管理对企业价值的重要性入手,重点分析基于企业价值的现金流管理模式,旨在凸显基于企业价值现金流管理的特点及优势,为企业财务管理水平进一步提升提供参考。     

收益贴现模型及其在中国证券市场的应用——以上海机场股票为例的实证分析

最近几年中国股市经历了剧烈的起伏。可以预见中国股市已经告别了"非理性繁荣"时期,正在迎来健康、理性发展的新时期。运用权益证券估值模型可以帮助投资者合理地估计出股票的真实价值,从而也有助于促进我国股市的良性发展。本文主要介绍分析收益贴现模型,包括股利贴现模型(DDM)、现金流贴现模型(DCF),并运用这两类模型对上海机场股票(股票代码:600009)的估值做出实证分析。     

国有股权、预算软约束与公司价值:基于分量回归方法的经验分析

本文利用分量回归模型方法深入研究了国有股权对上市公司价值的影响,剖析了业绩不同的公司国有股权的比重对公司价值的影响程度,并同时考察了预算软约束是否显著。得出结论如下:其一,不论公司价值高低,国有股权对上市公司的公司价值有一致的负面影响,而且,对公司价值不同的公司影响程度显著不同,公司价值越高负面影响程度越大;其二,预算软约束并不显著。这是政府给公司提供帮助带来的好处与经理层依赖政府和懈怠心理带来坏处的不同市场评价相抵消所致。     

基于现金流折现模型的双汇集团价值评估研究

本文以现金流折现模型为基础,以双汇集团为研究对象,结合资本资产定价模型,首先估计出双汇集团的加权平均成本,进而以其作为贴现率,对双汇集团的整体价值做出评估并对该模型的应用做出评价。     

资本结构对公司价值的影响因素分析

从很多因素方面努力,都会增加公司的价值,如公司的上市、技术的提高和成本的控制等,对于如何评价公司的价值,就更是一个值得讨论的问题.那么资本结构和公司价值之间到底有什么关系呢?它又是怎样来影响公司价值的?本文通过论述公司资本结构和公司价值各自定义及之间的联系进而选择最优联系、选择最优资本结构,从而实现公司价值的最大化.     

企业价值创造的内涵及其衡量指标分析

企业价值本质上是投资者封企业自由现金流量追索权的大小。企业的价值创造最终以现金流量的增加值反映出来。在衡量价值创造的各种指标中，MVA、TSR、ER是以股东财富最大化为目标的指标，不适合用来作为价值创造管理的核心指标。EVA建立在权责发生制基础上，容易被管理层操控，衡量的准确度不够。FCF作为一个收益性的指标，是衡量价值创造的最佳指标。     

Social networks,rice value chain participation and market performance of smallholder farmers in Ghana

This paper examines the impact of rice value chain participation and social networks on smallholder farmers' market performance outcomes (paddy price, quantity of paddy traded, and net returns), using data from a recent survey of 458 smallholder rice farmers in northern Ghana. We employed a treatment effects model to account for potential selection bias associated with observable and unobservable factors. The empirical results reveal that smallholder farmers' participation in a rice value chain is associated with increased paddy price, quantity traded, and net returns. We also find that value chain participation decisions and market performance are positively and significantly influenced by social networks. The empirical results also suggest that sex, farm size, mobile phone ownership, and access to credit significantly increase paddy prices, quantity traded, and net returns of smallholder rice farmers in the value chain.     

Capitalizing on prospect theory value: The Asian developed stock markets

This study shows that a stock whose past return distribution has a high (low) prospect theory value earns a low (high) subsequent return in the stock markets in Hong Kong and Singapore as well as in Japan. In addition, it investigates whether appropriate components of the value function and the probability weighting function that capitalize on prospect theory value are different across countries due to the different risk attitudes of investors. The parameter estimates show that each stock market has different cumulative prospect theory parameters for better performance, and the level of loss aversion for each market is lower than the original values offered by Tversky and Kahneman (1992).     

Looking into global value chains: influence of foreign services on export performance

Using data from the OECD Inter-Country Input–Output database, we explore the impact of foreign services value added content of exports on export performance, specifically on duration of trade. Our data show that the share of foreign services content in manufacturing exports grows from 1995 to 2011, in a way similar to foreign goods content, and in contrast to the decreasing share of domestic services. Moreover, the share of foreign services value added content is larger for developing and emerging countries than for advanced countries. Our econometric findings confirm that foreign services value added embodied in manufacturing exports contribute positively to more resilient exports relationships, a positive effect which occurs for the three groups of manufacturing industries (high, medium and low technology industries) and, for each group, it is more pronounced for developing and emerging economies.     

企业负责人经营业绩考核复合模型构建及应用研究

文章提出一种复合考核方法,以科学确定考核目标值为切入点,在全面考虑影响目标确定和完成的内在和外在因素的基础上,以管理有效性为基准,构建了包含业绩改善对标考核和目标完成度考核双要素的复合考核模型。并且对此模型进行应用检验,结果显示,该方法不仅有效避免了博弈,而且能够使业绩目标设定更合理、考核结果更公平、考核引导更有效。     

预期违约的法律价值及其经济分析

从传统法律价值角度审视,毫无疑问,预期违约制度蕴含着公平、正义价值;而通过经济分析,则可发现,该制度还彰显着为现代社会所需要的效益价值。我国在预期违约制度的适用中应强调效益价值取向。     

The value of invention patents in China: Country origin and technology field differences

This paper improves renewal payment based patent value model by introducing unexpired patents into the model. We estimate value of the invention patents based on SIPO records in China and compare values of patents between local owners and owners from the U.S., Japan and European countries. The study reveals that patent value from Chinese owners is much lower than that of overseas owners. This larger value gap implies important difference in motive of the patenting and R&D quality between China and those technology intensive sources usually from economically advanced countries and regions. The model developed in this study is also applied to patent data in different technical fields, successfully differing technical sectors with higher value (e.g., machinery) and those with lower value (e.g., pharmaceuticals), in terms of China market based patent records. Both applications prove that the newly developed model can be an important analytical tool for providing classified patent value on different purposes, especially in case of China.     

基于“文化全息”论的丹景山牡丹资源非物质性价值开发研究

四川彭州自古以来就是中国三大牡丹栽培中心之一,而彭州牡丹栽培与观赏地则集中于丹景山。丹景山不仅汇集了彭州特有的牡丹品种,由于其极富野趣的牡丹栽培观赏方式及与宗教文化相互促进、协调发展的历史渊源而深受旅游者的喜爱,而且其牡丹资源具有多层次的文化价值,是牡丹"文化全息"现象的典型代表。本文重点剖析了丹景山牡丹所具有的物质性资源价值以及非物质性的宗教及美学价值,在此基础上提出了其非物质性价值开发的观点,探讨了对其进行非物质性开发的基本原则及开发路径,以期能从文化发掘的角度充分发挥其文化和精神价值,扩大其影响力,恢复其在我国牡丹栽培与观赏中的地位和作用,同时也为我国众多的物质性遗产资源的非物质性开发提供理论借鉴。     

Unveiling the true value of across-strait trade: The global value chain approach

Due to the pervasive nature of value chains, an increasing amount of imported intermediate components and raw materials from other countries are entangled in Taiwan's exports to Mainland China. This circumstance leads to odd across-trait bilateral trade amounts and surpluses favorable towards Taiwan. The purposes of this paper are applying Johnson and Noguera (2012) to extricate value-added exports earned by Taiwan from China and Wang, Wei, and Zhu (2013) to decompose Taiwan's gross exports to China into various meaningful components. The two issues are related to trade in value added and value added in trade. Specifically, the former explores the value added embedded in the source country's exports to the absorbing country as final demand, regardless of whether those goods are directly or indirectly arriving at the absorbing country. The latter only looks where the value added is originated regardless of where it is ultimately absorbed. We show both concepts aim to measure a country's value added from its trades, but from different angles. Each has its own distinct meaning. They are related, but not completely the same.The inter-country input–output (ICIO) table used in this paper comes from the World Input–Output Database (WIOD) (Timmer et al., 2015 and Dietzenbacher et al., 2013). Empirical results indicate that Taiwan's export values to Mainland China shrink by 64.3% when bilateral trades are measured in value-added terms. Furthermore, Taiwan's trade surplus toward China also decreases by 65.2% under this measure. From the viewpoint of value added in trade, the share of value added in Taiwan's gross exports to China continued to decrease and reached 50.9% in 2011, while the components of foreign value added and double counted terms kept growing in recent years.     

辽宁装备制造业竞争力评价及影响因素分析——基于产品附加值视角

结合辽宁装备制造业向高技术、高附加值靠拢的发展趋势，通过在内生增长理论模型上嵌入成本发现模型的定性分析，提出装备制造业产品附加值的影响因素；从附加值低这一短板因素出发，采用聚类分析的定量研究方法，将辽宁省与部分地区的竞争力水平进行测算并做以横向对比。结果表明，辽宁装备制造业竞争力影响因素除了人均资本积累、人均自然资源存量，还有内部知识的积累、外部知识的获得、国家的体制与政策环境。